Since our previous analysis, gold has been trading sideyways at the price of $1,257.45. The price met my yesterday's take profit at $1,261.40. Using the market profile analysis, I found today's point of control at the price of $1,260.35. Also, I found trading range between the price of $1,250.75 (support) and $1,265.05 (resistance). Watch for potential breakout of support or resistance to confirm direction. Since the trend is bearish, I would watch for bearish breakout. If the price breaks the level of $1,250.75, downward target will be set at the price of $1,226.40 (Fibonacci expansion 100%).
Fibonacci pivot points:
Resistance levels:
R1: 1,281.85
R2: 1,289.90
R3: 1,302.90
Support levels:
S1: 1,255.70
S2: 1,247.60
S3: 1,234.50
Trading recommendations for today: Watch for potential breakout of trading range to confirm further direction.
The material has been provided by InstaForex Company - www.instaforex.com